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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (54254)	3/17/2008 5:51:59 PM
From: wonk	Read Replies (3) \| Respond to of 542599

…Debt may be a reason for the growth - but it has been growing. That’s my point. It’s apparent, not actual growth because it has not created real increases in overall national wealth. Where are the jobs? Where are the new industries? Steel is dead. Detroit is dying. IT and software are being outsourced to India. Manufacturing is being outsourced to China. Great nations must make things. A predominately service economy just shuffles cash from one pocket to the other, but growth can hardly exceed the overall growth in the population base, and increases in the pop base may actually cause negative growth if population growth puts pressure on wages due to increases in the supply of labor. You look at stock market profitability, and you may think we have been doing great. But it’s false. If people understood direct cash flow statements, this would be easier to explain on a national accounts basis.